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This slime mold has developed miniature, upside down ropey 'trees' each about 3-4mm tall with a clump of yellow fuzz for the 'leaves'. Previously the yellow fuzzy parts were contained in a plasticky, smooth, tan coloured capsule which popped it's top off for the fuzz to puff out. Some of the old caps can be seen still lying around. Here's what they looked like then http://www.projectnoah.org/spottings/370...
Found underneath a large wet eucalyptus log on the sunless but breezy side.
These slime molds live on bacteria so they don't effect the thing they are on in any way... just the bacteria on the surface. This one could actually be one of three species but microscopic work might be required to confirm.